The RBI has kept interest rates unchanged in its monetary policy but took the first step towards a rate cut in the next meeting.The stock market saw a strong initial rally but profit books in largecaps washed away the gains in the last hour and the Sensex fell 167.71 points to close at 81467.1. It rose 684.4 points to 82319.21 intra-day.
The Nifty closed down 31.20 points at 24981.95. Foreign investors have withdrawn 50000 crores in the month of September itself. Against this, local investors have added an investment of the same amount. A major correction in the market has been halted due to strong support from local investors. According to market experts, fundamentals are still weak in the market. Investors' capital increased marginally to Rs 462.24 lakh crore.
The small and midcap segments have been holding strong for the past two days but this improvement is proving difficult to sustain for now. In the Sensex pack, ITC, Nestle India, Hindustan Unilever, Reliance Industries, Larsen & Toubro and HDFC Bank declined. Midcap index gained 1.06 percent and smallcap index 1.21 percent while sectoral indices Realty gained 2.21 percent, Healthcare 1.68 percent, Power 1.18 percent, Consumer Discretionary 1.09 percent, Industrials 0.96 percent and Auto 0.84 percent. While FMCG fell by 1.31 percent, energy by 0.78 percent, oil and gas by 0.64 percent and metal by 0.08 percent.
Market breath positive, profit book of foreign investors unchanged Sentiment has been cautious with market breadth remaining positive. Out of total 4049 traded on BSE, 2705 scrips advanced and 1248 scrips declined. Which shows that the market sentiment has been pro-safety with the market breadth being positive. Sensex gained 15 scrips in the pack. DII's buying of 3506.61 crore was supported against heavy selling by FIIs of 4562.71 crore.
Jaro Education files DRHP to raise ₹570 crore Jaro Education has filed a DRHP with SEBI for a ₹570 crore IPO. The merchant bankers appointed to handle the IPO are Nuwama Wealth Management, Motilal Oswal Investment Advisors and Systematics Corporate Services. The top 5 partners contributed 69.13% of its revenue from operations in 2024 compared to 86.15% in FY22.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
